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Sydney Property Market Analysis (pdf)

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Added on  2019-11-12

Sydney Property Market Analysis (pdf)

   Added on 2019-11-12

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Surname: 1StatisticsNameThe Name of the Class (Course)Professor (Tutor)Name of the UniversityThe City and State where it is locatedDate
Sydney Property Market Analysis (pdf)_1
Surname: 2IntroductionThere has been a great concern in the discrepancy in the rental cost in the Sydney suburbs[ CITATION Med16 \l 1033 ]. This means that based on the location of the residential premise.Based on the map provided by [ CITATION Med16 \l 1033 ], it is clear that the premises that areclose to the city. Therefore, there is a great need to understand the association between these twocrucial factors. To understand this, four suburbs Parramatta, Randwick, Auburn, and Sydney willbe accessed whether their average weekly rent significantly differs.The rental bond is considered to be the security deposit the tenant give at the initial time whenrenting a house. In accordance with the [CITATION Res \l 1033 ] in most cases, the rental bondis higher than the weekly rent. This means that there might be a positive association betweenbond amount and the rent paid on a weekly basis. However, there is a need to ascertain thisthrough statistical analysis. This research is designed to achieve the following objectives.Research ObjectiveFirst, the computation of descriptive statistics to determine the point estimate, and distribution ofthe various variables. This will be achieved with the help of graphs such as histogram or boxplots (box and whisker plot). Second, the distribution of the houses within the four suburbs willbe assessed. It will be determined whether the proportion of the number of houses is significantlylower than 10%. Based on the literature, it was pointed that there might be a difference in weeklyrent in different places. Thus, this research will investigate whether there is a significantdifference in weekly rent on the three suburbs. Lastly but not least, the research will determinewhether there is a significant correlation between the rental bond amount and the weekly rent.Research Hypothesis
Sydney Property Market Analysis (pdf)_2
Surname: 3To achieve the set objectives, the research will test the following hypothesis:Hypothesis one: H0: the number of houses in the four suburbs is not significantly different from 10%, vs. Ha: the number of houses in the four suburbs is less than 10%. Hypothesis two: H0: the average weekly rent is equal in all the four suburbs. Vs. Ha: there is a significance difference in weekly rent in at least one suburb. Hypothesis three: H0: there is no association between the rental bond amount and the weekly rent, vs. HA: there is a positive association between rental bond and weekly rent. Through this research hypothesis, the objective of the research will be met.Results and discussionIn accordance with [ CITATION Gel14 \l 1033 ] descriptive statistics shows the point estimateof a variable, which is ideal in explaining the characteristics of the variable. Therefore, bothmeasures of dispersion and of central tendency were computed in the Excel Spreadsheet. Thesummary of the results is in Table 1.Table 1: Descriptive statisticsSummary measures for selected variablesbond amountweekly rentCount500.000500.000Mean 2,347.01 588.47 Median 2,280.00 570.00 Standard deviation 643.47 157.47 Minimum 200.00 250.00 Maximum 4,200.00 1,050.00 Range 4,000.00 800.00
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Surname: 4Interquartile range 730.00 181.25 Skewness0.5800.724The summary shows that the average rental bond amount is $2,347.01, with a standard deviationof $643.47. The minimum amount of the bond is $200, and the maximum is $4,200, whichmeans that the range of the bond amount is $4,000. On the other hand, the interquartile range is$730, which shows that since the range is extremely high, it shows that there are outliers[ CITATION Par15 \l 1033 ]. This was as illustrated in the box plot in Figure 1. As a generalrule, using the Karl-Pearson coefficient of skewness 0.580, the distribution of bond amount had aslightly longer tail to the right. The average weekly rent is $588.47, with a standard deviation of $157.47. [ CITATION Özd16 \l1033 ]Stipulates that when there is a significant discrepancy in the range and interquartile range,it means that there are extreme values in the data set. This claim is supported by the positiveskewness, which indicates that there are few outliers on the upper side of the plot. 050010001500200025003000350040004500BoxPlotBondAmount Figure 1: Bond amount box plot
Sydney Property Market Analysis (pdf)_4

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